Consumer confidence in Thailand increases following new government formed

Thailand’s consumer confidence index increased to 56.9 from 55.6 in July, according to recent research by the University of the Thai Chamber of Commerce (UTCC), rebounding from the first decrease in 14 months. According to the UTCC, the inauguration of Srettha Thavisin as the country's new prime minister and the apparent thawing of political tensions both contributed to rising consumer confidence. The total consumer confidence index, however, is still below 100, a sign that consumers are worried about the slow pace of the economy's recovery, the high cost of living, and the rising interest rates. These issues have impacted domestic spending, tourism, exports, general business operations, and employment prospects. The expense of living, which includes power costs, and the unpredictability of the global economy are the two things that worry consumers the most. The UTCC stated that the raising of interest rates in many nations to fight inflation could put more pressure on the recovery of the world economy and have an effect on exports and consumer purchasing power. However, there is a chance that consumer confidence will rise if the incoming administration is able to quickly put the economic stimulus plans it pledged during the election campaign into action.


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